SkyWest confirms its $3.50/shr offer for ExpressJet

ChristopherHinton

NEW YORK (MarketWatch) - SkyWest Inc.
SKYW, +1.33%
confirmed its $3.50-a-share offer for ExpressJet Holdings Inc.
xjt
saying the bid was subject to the completion of due diligence. The St. George, Utah-based carrier also said it has negotiated the principal terms of a new contract with Continental Airlines
CAL, -1.10%
which is intended to become effective after a deal with ExpressJet. "We believe our offer is consistent with our strategy of pursuing viable opportunities to enhance shareholder value, while also offering value to Continental through a new code-share relationship," said Bradford Rich, SkyWest chief financial officer. SkyWest shares were down a fraction at last check to $17.14, while ExpressJet shares added 50% to $3.13.

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